How saving can keep you debt free

In an over-indebted country such as South Africa, learning how to save effectively can be just the secret weapon you need to stay out of debt. Yes; it is challenging having to choose between saving for an emergency and paying off debt, but it is important that you do both.

When you have high-interest consumer debt, paying it off first can help you solve ongoing problems with managing and saving your money. To many South Africans, a debt-free life seems like a dream, not a reality. But, it can be done with just the right level of commitment and discipline.  

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Should You Take A Personal Loan When Under Debt Review?

National Credit Act (NCA)

Simply put; you need to avoid loans at all costs when you are under debt review. Taking a personal loan when you are under debt review can cost you everything you’ve worked very hard for.

When the National Credit Act (NCA) introduced debt review in 2007; many South Africans have since been assisted and prevented from being blacklisted, having their assets repossessed, or living with a heavy burden of debt.

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Personal finance during COVID-19

You probably have many questions during these trying times...” Will I lose my job?” ...” Will I be able to keep up with my debt repayments without an income” ...? “Will I have enough money to buy necessities at the end of the month” 

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Here's some of our finance tips to help you during lockdown.

The COVID-19 outbreak has created panic due to the uncertainty we find ourselves in. The pandemic has caused not only emotional stress and uncertainty but financially too. Between the exchange rate from dollar to rand depreciating to 17,75 and dropping oil prices, it is no surprise you find yourself increasingly concerned by your finances How should we be navigating through this challenging time and what finance tips should you follow? 

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Can I take out credit after debt review?

Are you wondering if you can take out credit whilst undergoing debt counselling?  The answer is no, but for a good reason. If you are making reduced payments on your existing debt, the last thing you want to do is take on  further credit that will make your situation considerably worse. But what about after the debt review process, when all your debt is paid off?

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Want to consolidate your debt into one single repayment?

There are a few options to choose from when looking to consolidate your debt. Some people look to get a consolidation loan but the interest rates can be high meaning you pay off more for your debt overall. If you are already behind on your repayments you are unlikely to qualify for a loan to consolidate your debts and you may want to explore debt review.

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We’re often asked if debt review is good or bad and it all depends on your circumstances. If you find you are falling into arrears and you can no longer service your debt with the money you get in each month, you could be over—indebted.  If you are, then debt review is the solution for you. Since debt review was introduced by the NCR National Credit Regulator in 2007 it has provided much need relief for many consumers. Debt review can help relieve stress and anxiety from not being able to pay your debt. Your assets are protected from repossession and at the end of the process your credit record is restored.

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It’s coming to the end of the year and you may be thinking how you can get your finances in order in the new year. The first step you should take is to access your credit report and really look at it. This will show you the current state of your finances. It’s a great starting point and you need to understand your credit score.

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You have probably heard about debt counselling and may be thinking it is a process that can benefit you.  We’re often asked how long the process can take.

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Did you know that geysers are accountable for more than 50% electricity bill? This means your geyser is the most energy consuming item you own. Below are some tips to help reduce how much electricity your geyser consumes and in turn reduce your monthly electricity bill.

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